Grayscale is one of the leading institutional investment companies in the crypto market. However, the company has recently increased its interest in an altcoin project. Accordingly, the share of Cardano (ADA) in the fund offered by Grayscale to Blockchain networks containing smart contracts has increased considerably recently. Let’s examine the details together.
GrayScale increases investment in altcoin ADA
GrayScale increases investments in Cardano, CryptoCapitalVenture founder Dan Gambardello revealed. In addition, this data was described as highly important by market watchers. The share of the altcoin project in the investment fund called Grayscale Smart Contract Platform ex Ethereum Fund (GSCPxE) reached 32%. The increase in the share of ADA in the Grayscale fund caused other altcoins to take a smaller share. As a result, the investment rates of these projects decreased significantly. Accordingly, the share of popular blockchain network Solana (SOL) in the fund fell to 21.3%. At the time Grayscale launched the fund, this rate was over 23%.
SOL was followed by Polkadot. DOT’s share of the Grayscale fund was around 15%. After Polkadot, Avalanche (AVAX), which has experienced a great loss in value recently, came. Accordingly, Avalanche’s share fell to 10.4%. The leading altcoin project had around 18% in the past. However, in the background; Polygon (MATIC) Algorand (ALGO), Stellar Lumen (XLM) and Cosmos (ATOM).
The increase came ahead of the big hard fork of the Cardano network
Grayscale’s CEO, Michael Sonneshein, expressed his views after the release of the funds rates. Accordingly, the CEO stated that the investment fund is especially aimed at Blockchain projects in the development stage. As Cryptokoin.com reported, a big hard fork will take place on the Cardano network. Accordingly, the increase in the investment share of ADA in Grayscale’s fund is of critical importance. The reason for this seems to be that the institutional investment firm followed similar steps in the past hard fork. According to investors, the increase in funds in the altcoin project indicates that a bull season is on the way.
Over 900 million ADA in Cardano treasury
Cardano Foundation has 900 million ADA altcoins in its vault, worth approximately $500 million . The number is pretty close to an all-time high as the blockchain ecosystem has grown by leaps and bounds. Cardano’s treasury has seen nothing but growth in the past. However, recently, 27 million ADA has been distributed to Cardano Catalyst Fund 8 projects. Other funding initiatives that support developer growth have also received a share of these ADAs.
If you want to get a small portion of the treasure, you can always join the ecosystem by adding value. Thus, you can generate a project created using the Cardano development tools. The treasury sits at an all-time high of approximately 927 million ADA. Also, this number reflects a little less than 3% of the altcoin project’s current supply.
15428
